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Shanghai reports faster industrial growth
( 2003-12-05 13:27) (Xinhua)

Amid a sustained manufacturing craze, the industrial economic gross revenue in Shanghai is expected to exceed one trillion yuan (about US$120 billion ) for the first time this year and contribute more than 50 per cent to the city's economic growth in the year.

Information from the Shanghai Municipal Commission of Economic Development said that the municipality accomplished 880 billion yuan (US$106 billion ) in industrial output value in the first 10 months of the year, up 27 per cent from the same period last year, and created 232 billion yuan (US$28 billion ) in industrial added value, up 18.6 per cent. The production to marketing ratio was over 99 per cent.

Jiao Yang, spokesman with the municipal government, predicted that the net profits made by the industrial sector would amount to 74 billion yuan (US$8.9 billion) this year, and would earn US$32 billion from exports, up 45 per cent.

The city completed 847.6 billion yuan (US$102 billion ) in total industrial output value, and realized 51 billion yuan (US$6 billion ) in profits from the manufacturing sector last year, and the industrial production to market ratio was 98.5 per cent. The industrial sector contributed 50.9 per cent to the city's economic growth.

The faster industrial growth in Shanghai has in turn made the industrial sector the most popular destination for domestic and overseas investment. Fixed asset investment into the city's industrial sector totaled 62.5 billion yuan (US$7.5 billion) from January to October, and the volume will hopefully go up to 78 billion yuan (US$9.4 billion ), accounting for one third of the city's total fixed asset investment.

Two thirds of the municipality's contractual overseas investment has flowed to the industrial sector. In the first 10 months of the year, the city saw launches of more than 1,600 overseas-invested industrial businesses with contracts worth approximately US$6.5 billion .

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